Inflexibility and corporate innovation: Cross-country evidence

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI:10.1016/j.mulfin.2022.100736

Jianjun Ge , Donghui Li , Yingzhao Ni , Shijie Yang

引用次数: 1

Abstract

Employing an international sample from 25 economies, we investigate the relationship between firm-level scale inflexibility and corporate innovation. The baseline result shows that inflexibility is positively associated with innovation activities. In the mechanism analyses, we find that the positive relationship is mainly driven by firms with higher contraction inflexibility and in less stable external environments. The positive relationship is also stronger for firms in industries with higher concentration, and in economies with stronger creditor rights. Finally, we observe a weaker relationship in multinational enterprises. Collectively, our findings suggest that scale inflexibility creates a stable environment for corporate innovation.

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缺乏灵活性与企业创新:跨国证据

采用来自25个经济体的国际样本，我们研究了企业层面的规模不灵活性与企业创新之间的关系。基线结果表明，缺乏灵活性与创新活动呈正相关。在机制分析中，我们发现正向关系主要是由外部环境不稳定、收缩不灵活程度较高的企业驱动的。在集中度较高的行业和拥有更强债权的经济体中，这种正相关关系也更强。最后，我们观察到跨国企业的这种关系较弱。总的来说，我们的研究结果表明，规模不灵活性为企业创新创造了一个稳定的环境。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.